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The initial public offering of Rappid Valves (India) Ltd. opened for bidding on Monday. Rappid Valves IPO is a book-built issue consisting entirely of a fresh issue of over 13.69 lakh shares, totalling Rs 30.41 crore.
The subscription window for the SME IPO will be open from September 23 to September 25. This will be followed by the finalisation of share allotment on September 26.
Refunds to non-allottees and credit of shares to the demat accounts of successful bidders will be done on September 27.
The company's shares are expected to be listed on the NSE on September 30.
The price band for the offering is set at Rs 210 to Rs 222 per share. Retail investors can apply for this NSE SME IPO with a minimum lot size of 600 shares, requiring an investment of Rs 1,33,200.
For High Net-Worth Individuals, the minimum lot size for application is 2 lots (1,200 shares), totalling Rs 2,66,400.
Link Intime Pvt. is the registrar for the Rappid Valves IPO, while Shreni Shares Ltd. has been appointed as the book-running lead manager.
Rikhav Securities Ltd. is acting as the market maker for Rappid Valves IPO.
Rappid Valves IPO Day 1 Subscription Status
The IPO has been subscribed 2.71 times as of 7:30 p.m. on Monday
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Non-institutional buyers: 2.11 times
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Retail investors: 4.51 times
Rappid Valves IPO GMP Today
The grey market premium (GMP) of Rappid Valves India IPO is Rs 52 as of 05:53 p.m. on September 23, implying a 23.42% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 274 per share.
GMP is not an official price quote for the stock and is based on speculation.
Business
Founded in 2002, Rappid Valves specialises in manufacturing valve solutions.
The company produces valves in various sizes, using ferrous and non-ferrous materials.
The company has offices in Gujarat’s Dahej, Ahmedabad; Pune in Maharashtra and Noida in Uttar Pradesh.
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Use Of Proceeds
Rappid Valves Ltd. plans to use the net proceeds from its IPO for capital expenditures, including the purchase of new plant and machinery, software upgrades and renovations of its registered office.
Further, a portion of the money will be used for settling existing debts and pursuing inorganic growth initiatives through acquisitions.
The funds will also be used for general corporate purposes.
Financial Performance
Rappid Valves (India) Ltd. reported consolidated revenue of Rs 36.60 crore in fiscal 2024, compared to Rs 16.43 crore in the previous fiscal. The company's net profit rose manifold to Rs 4.13 crore in fiscal 2024 from Rs 45 lakh in fiscal 2023.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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